Liberty Global Ltd.

11/03/2026 | Press release | Distributed by Public on 11/03/2026 07:36

Progressing commercial initiatives and advancing value unlock strategy in the Benelux (Form 8-K)

Progressing commercial initiatives and advancing value unlock strategy in the Benelux
Denver, Colorado: November 3, 2026 - Liberty Global Ltd. announces its Q3 2026 financial results.
CEO Mike Fries stated, "In the third quarter, we made significant progress against our key priorities:
•Ziggo Group spin-off: During Q3, we completed several important milestones to advance the structural formation of Ziggo Group1 ahead of our planned Q2 2027 spin-off. Most notably, we closed on the purchase of Vodafone's 50% stake in VodafoneZiggo, announced the senior executive management team and engaged external advisors. Operating and financial synergies are being finalized and are currently expected to exceed our previous NPV estimate of €1 billion. We also reached an agreement to sell VodafoneZiggo's mobile towers for €669m (16.2x 2025 EBITDA), with the proceeds to be used for deleveraging at VodafoneZiggo, as part of the wider €1.2-€1.4B Ziggo Group non-core asset disposals target to further reduce leverage. We currently intend to make initial confidential submissions to the SEC and the AFM in December in connection with the proposed spin-off transaction. Meanwhile, both operating businesses in the Netherlands and Belgium reported strong quarterly results.
•Liberty Telecom: Our Telecom operations continued to focus on improving commercial performance. In the Netherlands, VodafoneZiggo delivered a second consecutive quarter of positive broadband additions and the best performance since Q2 20192, while total revenue returned to growth for the first time since Q2 2024. VodafoneZiggo also became the first major provider globally to offer 8Gbps on DOCSIS 4.0, demonstrating the potential of a network that already reaches millions of households across the Netherlands. In Belgium, Telenet grew the broadband customer base for the sixth consecutive quarter, driven by continued strength in BASE FMC. Virgin Media Ireland continued to drive strong postpaid mobile performance, with positive net adds for the seventh consecutive quarter, while positive broadband net adds3 were supported by continued strong wholesale performance.
•Virgin Media O2, in the UK, outlined the direction for a new strategic plan, with the goal of simplifying the business and driving sustainable growth and cash generation. The program calls for £800 million of run-rate cost reductions by 2029, supported, in part, by a 30% reduction in people cost. Against the backdrop of a challenging macro-economic climate and an intensely competitive UK telecom market, Virgin Media O2 will prioritize capital spending on fewer, more measurable projects, and will halt its own fiber upgrade plan, while continuing to support nexfibre. These initiatives, and more, will benefit the broader goal of reducing leverage over the coming years.
1
•Liberty Global: We ended Q3 with ~$2.0B of corporate cash and completed $100m of share buybacks during the quarter. We anticipate ending 2026 with ~$1.8B4 of corporate cash, with a further $100m of share buybacks expected in Q4. We remain intensely focused on disciplined capital allocation and executing our unlock strategy to deliver value directly to shareholders."
2
Key Summary of Operating and Financial Highlights5,6
Three months ended
September 30, 		Increase/(decrease) Nine months ended
September 30, 		Increase/(decrease)
2026 2025 Reported %
Rebased %7
2026 2025 Reported %
Rebased %7
in millions, except % amounts
Revenue
Ziggo Group (i) $ 1,906.5 $ 1,942.6 (1.9) 1.4 $ 5,701.2 $ 5,646.2 1.0 (0.3)
Wyre 193.8 201.0 (3.6) (2.1) 590.5 576.8 2.4 (1.4)
VM Ireland 118.6 122.2 (2.9) (1.5) 368.0 360.8 2.0 (1.9)
VMO2 JV (nonconsolidated) 3,262.7 3,436.0 (5.0) (5.7) 9,705.4 9,935.8 (2.3) (6.7)
Total reportable segments 5,481.6 5,701.8 (3.9) 16,365.1 16,519.6 (0.9)
Liberty Growth (ii) 108.3 93.5 15.8 34.5 396.7 384.6 3.1 4.8
Liberty Corporate (ii) 248.1 234.9 5.6 10.9 720.0 666.0 8.1 2.5
Consolidated intercompany eliminations (271.8) (230.3) N.M. N.M. (744.1) (654.9) N.M. N.M.
Less: nonconsolidated JVs (i) (3,645.6) (4,592.8) N.M. N.M. (12,370.5) (13,267.9) N.M. N.M.
Total consolidated $ 1,920.6 $ 1,207.1 59.1 1.0 $ 4,367.2 $ 3,647.4 19.7 (0.8)
Net earnings (loss)
Liberty Global Consolidated $ 547.7 $ (83.4) 756.7 $ 548.1 $ (4,180.5) 113.1
Liberty Growth $ (84.8) $ (49.7) (70.6) $ (184.1) $ (100.2) (83.7)
Liberty Corporate $ (119.9) $ (69.4) (72.8) $ (31.2) $ (4,176.0) 99.3
Adjusted EBITDA
Ziggo Group (i) $ 674.8 $ 720.4 (6.3) (6.8) $ 2,007.8 $ 2,021.0 (0.7) (4.7)
Wyre 138.9 160.7 (13.6) (12.2) 434.8 459.4 (5.4) (8.6)
VM Ireland 28.5 41.8 (31.8) (30.8) 107.3 120.4 (10.9) (14.1)
VMO2 JV (nonconsolidated) 1,207.8 1,250.3 (3.4) (3.9) 3,479.9 3,496.0 (0.5) (4.3)
Total reportable segments 2,050.0 2,173.2 (5.7) 6,029.8 6,096.8 (1.1)
Liberty Growth (ii) (58.9) (23.0) (156.1) (37.1) (82.6) (25.9) (218.9) (10.1)
Liberty Corporate (ii) 8.2 (31.2) 126.3 N.M. (12.1) (66.5) 81.8 46.1
Consolidated intercompany eliminations (19.4) (10.0) N.M. N.M. (39.6) (30.0) N.M. N.M.
Less: nonconsolidated JVs (i) (1,377.3) (1,772.5) N.M. N.M. (4,601.5) (4,978.0) N.M. N.M.
Total consolidated $ 602.6 $ 336.5 79.1 (13.7) $ 1,294.0 $ 996.4 29.9 (7.5)
_______________
(i)Includes 100% of the results of the VodafoneZiggo JV prior to the VodafoneZiggo Acquisition. For a reconciliation to total Ziggo Group revenue, Adjusted EBITDA, P&E additions and Adjusted EBITDA less P&E additions, see footnote 1.
(ii)Liberty Growth and Liberty Corporate are included in the "all other category" in our 10-Q. For a reconciliation to our "all other category" revenue, Adjusted EBITDA and P&E additions, see footnote 8.
3
Subscriber Variance Table - September 30, 2026 vs. June 30, 2026
Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Organic Change Summary
Consolidated Reportable Segments:
VodafoneZiggo(i)
6,700 11,800 (17,800) 30,700
Telenet
(10,900) 4,100 (37,900) 4,100
Ziggo Group (4,200) 15,900 (55,700) 34,800
Wyre - - - -
VM Ireland (2,900) (2,000) (10,000) 2,700
Total Consolidated Reportable Segments (7,100) 13,900 (65,700) 37,500
Q3 2026 Consolidated Reportable Segments Adjustments:
Telenet
- - - (2,700)
Nonconsolidated Reportable Segments:
VMO2 JV (23,300) (22,100) (178,400) (27,300)
Q3 2026 Nonconsolidated Reportable Segment Adjustments:
VMO2 JV
- - - (30,100)
_______________
(i)Organic movements for the periods presented exclude certain B2B customers and subscribers for fixed line counts and include voice-only connections for mobile counts.
4
Virgin Media O2 outlines direction of new strategic plan with a focus on simplifying the business and driving growth
Virgin Media O2 announced substantial cost reduction measures and set out the strategic direction for the company's next chapter, which will lead to greater customer satisfaction, sustainable growth and increased cash generation. The full plan, to be detailed at a strategic update around the time of the full year results, will set clear priorities for a simpler and more focused company, optimizing and redirecting investment toward initiatives with a clear customer benefit and near-term returns.
Operationally during the quarter, fixed performance remained under pressure, although fixed-line net losses improved year-over-year. Mobile net losses also improved YoY, with a focus on value management driving growth in consumer mobile contract ARPU. VMO2 remains on-track for all of its full-year financial guidance metrics9 and we are reviewing our options with respect to VMO2's planned cash distributions to shareholders in 2026 and will provide an update in Q1 2027 when we announce full-year results and know the outcome of the Netomnia transaction.
Highlights for Q3
•Fixed network expansion: Full-fiber footprint reached 9.4 million10 premises, including the nexfibre network, with 5G+ outdoor population coverage of 86%
•Customer service transformation: Launched a new voice AI agent to handle broadband fault calls, building on continued improvements in service quality, with VMO2 recording the lowest level of broadband complaints among major UK providers in Ofcom's latest data
•Brand reinforcement: Secured a long-term extension of The O2 naming rights agreement through 2038, strengthening O2's premium brand positioning and customer proposition through Priority
Q3 Financial Highlights (in U.S. GAAP, as reported by Liberty Global)11
•Revenue of $3,262.7 million, -5.0% YoY on a reported basis and -5.7% YoY on a rebased7 basis
◦Primarily driven by (i) the reduction in nexfibre construction revenue, (ii) lower consumer fixed and moderately lower consumer mobile revenue where ARPU growth partially offset the lower base and (iii) lower business revenue as O2 Business streamlines its product portfolio, despite business service revenue growth improvement compared to H126
•Adjusted EBITDA12 of $1,207.8 million, -3.4% YoY on a reported basis and -3.9% on a rebased basis
◦Primarily driven by lower consumer service revenue, partially offset by (i) cost efficiency programs, (ii) a net benefit of ~$34m relating to legal matters, and (iii) ~$13m reduction in sales commission expense reflecting a change in the estimated amortization period for sales commissions implemented in Q2 2026
•Property and equipment additions of $678.7 million, +4.8% YoY on a reported basis and +5.9% on a rebased basis
•Adjusted EBITDA less P&E additions12 of $529.1 million, -12.2% YoY on a reported basis and -14.2% on a rebased basis
•Cash flows from operating activities of $749.1 million, cash flows from investing activities of -$326.8 million and cash flows from financing activities of -$559.6 million
5
Q3 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)13
•Revenue of £2,426.7 million, -4.8% YoY on a reported basis and -5.7% on a rebased basis, adjusted for the Daisy Transaction
•Total service revenue was £2,036.7 million, -2.7% YoY on a reported basis and -3.5% on a rebased basis, adjusted for the Daisy Transaction
•Adjusted EBITDA of £995.2 million, -2.0% YoY on a reported basis and -2.6% on a rebased basis, adjusted for the Daisy Transaction
◦Q3 2026 included the benefit of £96.9 million of U.S. GAAP/IFRS differences, primarily related to (i) the VMO2 JV's investment in Cornerstone and (ii) leases
•The drivers of these IFRS changes are largely consistent with those under U.S. GAAP, as detailed above
Q3 Operating Highlights
•Consumer broadband net losses of 22,100, remaining under pressure but improving year-over-year
•Postpaid net losses of 27,300, reflecting competitive pressure in consumer and business, despite a YoY improvement in the business segment
•Fixed ARPU declined by 5.0% YoY, reflecting continued promotional activity in the market and the phasing impact of annual price rises
2026 VMO2 guidance (in IFRS)(i)
We are confirming9:
•Revenue: Total service revenue decline of 3 to 5% year-over-year, adjusted for the Daisy Transaction
•Adj. EBITDA: Adjusted EBITDA decline of 3 to 5% year-over-year, adjusted for the Daisy Transaction
•P&E additions: £2.0-£2.2B
•Adj. FCF: Around £200m14
•Cash distributions to shareholders: We are reviewing our options with respect to VMO2's planned cash distributions (around £200m) to shareholders in 2026 and will provide an update in Q1 2027 when we announce full-year results and know the outcome of the Netomnia transaction
(i) Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adjusted EBITDA, Adjusted EBITDAaL and Adjusted FCF guidance for Liberty Global and each of its OpCos cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of non-operating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period.
6
Ziggo Group delivered strong commercial momentum and further progress towards planned spin-off
Q3 2026 marked the formal creation of the Ziggo Group, bringing together VodafoneZiggo and Telenet as the leading Benelux connectivity champion. Combining the strengths of two market-leading operators creates greater scale, stronger shared capabilities and increased capacity to invest, innovate and create long-term value. Ziggo Group continued to demonstrate commercial momentum, with VodafoneZiggo delivering its best quarterly broadband performance since 2019 and Telenet enhancing its customer proposition with the launch of Belgium's most complete sports offering. VodafoneZiggo and Telenet remain on track to meet their respective full-year guidance.
Highlights for Q3
•Commercial momentum: VodafoneZiggo and Telenet maintained strong commercial momentum with further initiatives growing the customer base in both markets. At VodafoneZiggo, the continued success of the How We Win plan supported a return to revenue growth for the first time in two years
•Full management team announced: The full Ziggo Group executive leadership team was announced in Q3, led by CEO Stephen van Rooyen and CFO Jany Fruytier, with Rocío Lorenzo announced as Telenet's new CEO; the planned Ziggo spin-off remains on track for Q2 2027
•VodafoneZiggo towers sale: The sale of VodafoneZiggo's tower assets was agreed for a total consideration of €669 million, with the proceeds to be used for deleveraging at VodafoneZiggo
Q3 Financial Highlights (in U.S. GAAP)1
•Revenue of $1,906.5 million, -1.9% YoY on a reported basis and +1.4% on a rebased basis
◦Primarily driven by a return to positive revenue growth at VodafoneZiggo, supported by price indexation and increased handset sales, as well as revenue at Telenet relating to the Wyre TSS, higher handset sales and Jupiler Pro League (JPL) programming revenue
•Adjusted EBITDA of $674.8 million, -6.3% YoY on a reported basis and -6.8% on a rebased basis
◦Primarily driven by (i) higher costs at VodafoneZiggo relating to marketing and sales, handsets, programming and network resilience investment, and (ii) lower subscription revenue and programming costs associated with the new DAZN deal at Telenet
Q3 Financial Highlights (in U.S. GAAP) in local currency
•Revenue of €1,656.6 million, -0.3% YoY on a reported basis and +1.4% on a rebased basis
•Adjusted EBITDA of €586.3 million, -4.9% YoY on a reported basis and -6.8% on a rebased basis
Further standalone financial and operating information for VodafoneZiggo and Telenet can be found in their respective Bond Updates.
7
Wyre advancing fiber deployment and network cooperation
In the third quarter, Wyre continued to advance its network cooperation plans and accelerated its fiber investment, including pre-investment capital to support future deployment. Adj EBITDA continued to reflect the costs of establishing Wyre's standalone operating model and additional network optimization support, while the topline continued to reflect the impact of its new wholesale pricing model introduced in Q4 2025. Wyre remains on track to meet its medium-term rollout targets, while scaling an efficient and disciplined deployment model.
Highlights for Q3
•Network cooperation progresses: Following regulatory approval in July, Wyre continues with the implementation of its network cooperation agreement
•Fiber investment accelerated: Investment in the FTTH mass-rollout program increased, including additional investment to support future deployment
Q3 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)
•Revenue of $193.8 million, -3.6% YoY on a reported basis and -2.1% on a rebased basis
◦Primarily driven by the new wholesale pricing model introduced in Q4 2025 with Telenet, and partially offset by higher usage related revenue and other wholesale momentum
•Adjusted EBITDA of $138.9 million, -13.6% YoY on a reported basis and -12.2% on a rebased basis
•Adjusted EBITDAaL of $137.8 million, -14.0% on a reported basis and -12.6% on a rebased basis
◦Primarily driven by (i) higher costs under the arms-length reset of the Telenet MSA, (ii) flow through impact of lower revenue and (iii) higher coax maintenance costs
•Property and equipment additions of $179.9 million, +83.8% YoY on a reported basis and +86.9% on a rebased basis
•Cash flows from operating activities of $68.4 million, cash flows from investing activities of -$203.5 million and cash flows from financing activities of $197.1 million
•Adjusted FCF of -$135.1 million
Q3 Financial Highlights (in IFRS)13
•Revenue of €168.4 million, -2.1% YoY on both a reported and rebased basis
•Adjusted EBITDA of €121.2 million, -12.2% YoY on both a reported and rebased basis
•Adjusted EBITDAaL of €119.7 million, -12.7% YoY on both a reported and rebased basis
•Property and equipment additions (including ROU assets) of €156.6 million, +86.9% YoY on a reported basis and rebased basis
•The drivers of these IFRS changes are largely consistent with those under U.S. GAAP, as detailed above
8
Virgin Media Ireland expands broadband coverage nationwide, supporting strong customer base growth
Virgin Media Ireland maintained commercial momentum in Q3, with positive aggregate broadband net additions, and its first positive month of Consumer net adds in 12 months. Fixed ARPU continued to improve sequentially, benefitting from the successful implementation of a price rise earlier in the year. Postpaid net adds were positive for the seventh consecutive quarter, supported by ongoing promotional offers. Virgin Media also announced its Superfast broadband footprint expansion, covering more Irish homes and businesses than any other provider.
Highlights for Q3
•Network quality: Virgin Media Ireland's network leadership was recognized for a second consecutive quarter and was named the fastest major broadband provider in Ireland by SpeedGeo
•Expanding coverage nationwide: Through continued network expansion and off-net partnerships with SIRO, NBI and, more recently, OpenEir, Virgin Media is now the number one provider of 1Gbps+ connectivity in Ireland
•Momentum in fixed supported by wholesale: Virgin Media Ireland delivered its strongest aggregate broadband and wholesale net additions performance in seven quarters, reflecting sustained wholesale growth and improving broadband trends
Q3 Financial Highlights (in U.S. GAAP)
•Revenue of $118.6 million, -2.9% YoY on a reported basis and -1.5% on a rebased basis
◦Primarily driven by lower consumer fixed revenue, specifically relating to VMTV
•Adjusted EBITDA of $28.5 million, -31.8% YoY on a reported basis and -30.8% on a rebased basis
◦Primarily driven by (i) a one-time ~$10 million change in estimates relating to the amortization of VMTV content rights across multiple years and (ii) the flow through impact of lower revenue
•Cash flows from operating activities of $0.5 million, cash flows from investing activities of -$38.4 million and cash flows from financing activities of $22.1 million
Q3 Financial Highlights (in U.S. GAAP) in local currency
•Revenue of €103.0 million, -1.5% YoY on both a reported and rebased basis
•Adjusted EBITDA of €24.7 million, -30.8% YoY on both a reported and rebased basis
Q3 Operating Highlights
•Broadband net losses of 2,000 improving sequentially, with the first positive monthly net additions in 12 months achieved in September, despite persistent competitive intensity
•Postpaid net adds of 2,700 due to successful promotional offers
•Wholesale broadband net adds of 6,900, driven by sustained momentum in wholesale strategy execution, including expanding wholesale partnerships
9
Consolidated Leverage & Liquidity
•Total principal amount of debt and finance leases: $21.8 billion
•Average debt tenor15: 4.7 years, with ~65% not due until 2030 or thereafter
•Borrowing costs: Blended, fully-swapped cost of debt was 4.3%
The following table(i) details the U.S. dollar equivalents of our liquidity16 position at September 30, 2026, which includes our (i) cash and cash equivalents and (ii) unused borrowing capacity:
Cash Unused
and Cash Borrowing Total
Equivalents
Capacity(ii)
Liquidity
in millions
Liberty Global and unrestricted subsidiaries
$ 1,665.3 $ - $ 1,665.3
VodafoneZiggo 84.0 907.2 991.2
Telenet 233.2 686.0 919.2
VM Ireland 2.8 113.4 116.2
Wyre 61.4 - 61.4
Total
$ 2,046.7 $ 1,706.6 $ 3,753.3
_______________
(i)Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.
(ii)Our aggregate unused borrowing capacity of $1.7 billion17 represents maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing.
The following table(i) details the September 30, 2026 U.S. dollar equivalents of the (i) outstanding principal amounts of our debt and finance lease obligations, (ii) expected principal-related derivative cash payments or receipts and (iii) swapped principal amounts of our debt and finance lease obligations:
Finance Total Debt Principal Related Swapped Debt
Lease & Finance Lease Derivative & Finance Lease
Debt Obligations Obligations Cash Payments Obligations
in millions
VodafoneZiggo $ 12,201.3 $ 38.2 $ 12,239.5 $ (138.0) $ 12,101.5
Telenet 4,644.7 0.8 4,645.5 44.6 4,690.1
Wyre 3,392.8 - 3,392.8 - 3,392.8
VM Ireland 1,020.6 - 1,020.6 - 1,020.6
Other 512.5 26.1 538.6 - 538.6
Total
$ 21,771.9 $ 65.1 $ 21,837.0 $ (93.4) $ 21,743.6
_______________
(i)Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.
10
Liberty Global Consolidated Q3 Cash Flows
Three months ended
September 30, 		Increase/(decrease) Nine months ended
September 30, 		Increase/(decrease)
2026 2025 Reported % 2026 2025 Reported %
$ in millions, except % amounts
Liberty Global Consolidated Cash Flows:
Net cash provided by operating activities 605.7 301.8 100.7 % 944.2 580.2 62.7 %
Net cash provided (used) by investing activities (1,597.7) (360.9) (342.7 %) (1,428.9) (607.8) (135.1 %)
Net cash used by financing activities 603.5 (82.4) 832.4 % 467.4 (273.4) 271.0 %
Adjusted FCF 81.7 (84.5) 196.7 % (388.0) (426.9) 9.1 %
Distributable Cash Flow 81.7 (84.5) 196.7 % (388.0) (426.9) 9.1 %
Financial Highlights (in U.S. GAAP)5,6
The following tables present (i) selected financial information for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis. Adjusted EBITDA and Adjusted EBITDA less P&E Additions for Consolidated Operations, Liberty Growth and Liberty Corporate are non-GAAP measures. For reconciliations, additional information on how these measures are defined and why we believe they are meaningful, see the Glossary and Reconciliations sections of the Appendix.
Three months ended Increase/(decrease) Nine months ended Increase/(decrease)
September 30, September 30,
Revenue 2026 2025 Reported % Rebased % 2026 2025 Reported % Rebased %
in millions, except % amounts
Ziggo Group (i) $ 1,906.5 $ 1,942.6 (1.9) 1.4 $ 5,701.2 $ 5,646.2 1.0 (0.3)
Wyre 193.8 201.0 (3.6) (2.1) 590.5 576.8 2.4 (1.4)
VM Ireland 118.6 122.2 (2.9) (1.5) 368.0 360.8 2.0 (1.9)
VMO2 JV (nonconsolidated) 3,262.7 3,436.0 (5.0) (5.7) 9,705.4 9,935.8 (2.3) (6.7)
Total reportable segments 5,481.6 5,701.8 (3.9) 16,365.1 16,519.6 (0.9)
Liberty Growth (ii) 108.3 93.5 15.8 34.5 396.7 384.6 3.1 4.8
Liberty Corporate (ii) 248.1 234.9 5.6 10.9 720.0 666.0 8.1 2.5
Consolidated intercompany eliminations (271.8) (230.3) N.M. N.M. (744.1) (654.9) N.M. N.M.
Less: nonconsolidated JVs (i) (3,645.6) (4,592.8) N.M. N.M. (12,370.5) (13,267.9) N.M. N.M.
Total consolidated $ 1,920.6 $ 1,207.1 59.1 1.0 $ 4,367.2 $ 3,647.4 19.7 (0.8)
11
Three months ended Increase/(decrease) Nine months ended Increase/(decrease)
September 30, September 30,
Adjusted EBITDA 2026 2025 Reported % Rebased % 2026 2025 Reported % Rebased %
in millions, except % amounts
Ziggo Group (i) $ 674.8 $ 720.4 (6.3) (6.8) $ 2,007.8 $ 2,021.0 (0.7) (4.7)
Wyre 138.9 160.7 (13.6) (12.2) 434.8 459.4 (5.4) (8.6)
VM Ireland 28.5 41.8 (31.8) (30.8) 107.3 120.4 (10.9) (14.1)
VMO2 JV (nonconsolidated) 1,207.8 1,250.3 (3.4) (3.9) 3,479.9 3,496.0 (0.5) (4.3)
Total reportable segments 2,050.0 2,173.2 (5.7) 6,029.8 6,096.8 (1.1)
Liberty Growth (ii) (58.9) (23.0) (156.1) (37.1) (82.6) (25.9) (218.9) (10.1)
Liberty Corporate (ii) 8.2 (31.2) 126.3 N.M. (12.1) (66.5) 81.8 46.1
Consolidated intercompany eliminations (19.4) (10.0) N.M. N.M. (39.6) (30.0) N.M. N.M.
Less: nonconsolidated JVs (i) (1,377.3) (1,772.5) N.M. N.M. (4,601.5) (4,978.0) N.M. N.M.
Total consolidated $ 602.6 $ 336.5 79.1 (13.7) $ 1,294.0 $ 996.4 29.9 (7.5)
Three months ended Increase/(decrease) Nine months ended Increase/(decrease)
Adjusted EBITDA less P&E Additions
September 30, September 30,
2026 2025 Reported % Rebased % 2026 2025 Reported % Rebased %
in millions, except % amounts
Ziggo Group (i) $ 306.8 $ 330.3 (7.1) (11.3) $ 907.1 $ 927.3 (2.2) (7.1)
Wyre (41.0) 62.8 (165.3) N.M. (154.6) 114.0 (235.6) N.M.
VM Ireland (13.1) (20.4) 35.8 33.9 (18.7) (40.1) 53.4 53.8
VMO2 JV (nonconsolidated) 529.1 602.6 (12.2) (14.2) 1,617.9 1,581.2 2.3 (3.2)
Total reportable segments 781.8 975.3 (19.8) 2,351.7 2,582.4 (8.9)
Liberty Growth (ii) (94.3) (43.9) (114.8) (45.4) (202.3) (56.7) (256.8) (94.5)
Liberty Corporate (ii) 6.1 (36.1) 116.9 N.M. (22.3) (78.0) 71.4 36.2
Consolidated intercompany eliminations (12.4) - N.M. N.M. (12.4) - N.M. N.M.
Less: nonconsolidated JVs (i) (603.0) (886.4) N.M. N.M. (2,137.7) (2,389.7) N.M. N.M.
Total consolidated $ 78.2 $ 8.9 778.7 (58.2) $ (23.0) $ 58.0 (139.7) (45.7)
_______________
N.M. - Not Meaningful
(i)Includes 100% of the results of the VodafoneZiggo JV prior to the VodafoneZiggo Acquisition. For a reconciliation to total Ziggo Group revenue, Adjusted EBITDA, P&E additions and Adjusted EBITDA less P&E additions, see footnote 1.
(ii)Liberty Growth and Liberty Corporate are included in the "all other category" in our 10-Q. For a reconciliation to our "all other category" revenue, Adjusted EBITDA and P&E additions, see footnote 8.
12
Operating Data - September 30, 2026
Homes
Passed 		Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Total Mobile
Subscribers(i)
Consolidated Reportable Segments:
VodafoneZiggo JV(ii)
8,360,800 3,090,400 2,946,900 6,954,100 5,000,800 7,918,700
Telenet
188,800 1,895,700 1,761,700 3,794,300 2,659,800 2,795,400
Ziggo Group 8,549,600 4,986,100 4,708,600 10,748,400 7,660,600 10,714,100
Wyre 4,081,000 - - - - -
VM Ireland 1,023,500 368,300 344,600 647,500 153,400 153,400
Total Consolidated Reportable Segments 13,654,100 5,354,400 5,053,200 11,395,900 7,814,000 10,867,500
Nonconsolidated Reportable Segment:
VMO2 JV(iii)
16,225,400 5,481,300 5,395,800 10,515,700 15,345,400 37,253,900
Subscriber Variance Table - September 30, 2026 vs. June 30, 2026
Homes
Passed 		Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Total Mobile
Subscribers(i)
Organic Change Summary
Consolidated Reportable Segments:
VodafoneZiggo JV(ii)
701,000 6,700 11,800 (17,800) 30,700 (144,700)
Telenet
1,400 (10,900) 4,100 (37,900) 4,100 (2,300)
Ziggo Group 702,400 (4,200) 15,900 (55,700) 34,800 (147,000)
Wyre 1,000 - - - - -
VM Ireland 2,900 (2,900) (2,000) (10,000) 2,700 2,700
Total Consolidated Reportable Segments 706,300 (7,100) 13,900 (65,700) 37,500 (144,300)
Q3 2026 Consolidated Reportable Segments Adjustments:
Telenet
- - - - (2,700) (2,700)
Nonconsolidated Reportable Segment:
VMO2 JV(iii)
(800) (23,300) (22,100) (178,400) (27,300) (108,800)
Q3 2026 Nonconsolidated Reportable Segment Adjustments
VMO2 JV - - - - (30,100) (30,100)
13
Subscriber Variance Table - September 30, 2026 vs. September 30, 2025
Homes
Passed 		Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Total Mobile
Subscribers(i)
Organic Change Summary
Consolidated Reportable Segments:
VodafoneZiggo JV(ii)
747,900 (21,300) (400) (180,700) 103,400 (217,100)
Telenet
5,500 (43,000) 39,700 (256,800) 100 (22,000)
Ziggo Group 753,400 (64,300) 39,300 (437,500) 103,500 (239,100)
Wyre
37,000 - - - - -
VM Ireland 16,300 (16,300) (12,900) (45,900) 9,000 9,000
Total Consolidated Reportable Segments 806,700 (80,600) 26,400 (483,400) 112,500 (230,100)
Consolidated Reportable Segments Net Adjustments:
Telenet
- - - - (10,900) (10,900)
Nonconsolidated Reportable Segment:
VMO2 JV(iii)
(600) (77,000) (71,500) (743,800) (315,400) (508,200)
Nonconsolidated Reportable Segment Net Adjustments:
VMO2 JV - - - - (102,400) 62,300
_______________
Footnotes for Operating Data and Subscriber Variance Tables:
(i)In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. The total mobile subscriber count for VodafoneZiggo and the VMO2 JV includes IoT connections, which are Machine-to-Machine contract mobile connections, including Smart Metering contract connections. The mobile subscriber count presented above for the VMO2 JV excludes wholesale mobile connections of approximately 9,094,900 that are included in the total mobile subscriber count as defined and presented by the VMO2 JV. The total mobile subscriber count presented above for VodafoneZiggo includes mobile broadband (data-only) connections. These counts were previously included in postpaid mobile.
(ii)The operating data and organic movements for the periods presented exclude certain B2B customers and subscribers for fixed line counts and include voice-only connections for postpaid mobile counts.
(iii)The operating data and organic movements for the periods presented represent consumer customers and subscribers.
Additional General Notes to Tables:
Most of our broadband communications subsidiaries provide broadband, telephony, data, video or other B2B services. Certain of our B2B revenue is derived from SOHO subscribers that pay a premium price to receive enhanced service levels along with broadband, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHOs, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our broadband communications operations, with only those services provided at premium prices considered to be "SOHO RGUs" or "SOHO customers". To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO subscribers and mobile subscribers at medium and large enterprises, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.
While we take appropriate steps to ensure that subscriber statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber counting process.
14
We periodically review our subscriber counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber statistics based on those reviews.
15
Bond Update by Credit Silo
16
VMO2 Credit Update
Operating Statistics Summary(i)
As of and for the
three months ended
September 30,
2026 2025
Footprint
Homes Serviceable 18,814,000 18,675,100
Homes Serviceable net additions (QoQ) 2,400 139,300
Homes Passed 16,225,400 16,226,000
Homes Passed net additions (losses) (QoQ) (800) 100
Fixed
Consumer Fixed-Line Customer Relationships 5,481,300 5,558,300
Organic Consumer Fixed-Line Customer Relationship net losses (QoQ)
(23,300) (32,700)
Organic Consumer Fixed-Line Customer Relationship net losses (YoY)
(77,000) (122,000)
Consumer Broadband Subscribers 5,395,800 5,467,300
Organic Consumer Broadband net losses (QoQ)
(22,100) (30,200)
Organic Consumer Broadband net losses (YoY)
(71,500) (118,800)
Q3 Monthly ARPU per Consumer Fixed-Line Customer Relationship
£ 45.83 £ 48.24
Mobile(i)
Postpaid Mobile Subscribers 15,345,400 15,763,200
Organic Postpaid Mobile net losses (QoQ)
(27,300) (44,700)
Organic Postpaid Mobile net losses (YoY)
(315,400) (223,900)
Q3 Monthly Consumer Postpaid ARPU
£ 18.12 £ 17.76
Convergence
Converged Households as % of Broadband RGUs 39.9% 41.5%
_______________
(i)The 2025 amounts have been restated to include the impact of the Daisy transaction.
(ii)Movements for the quarter ended 30 September 2026 exclude the impact of adjustments made to the Q2 2026 closing base. There was a decrease in Total Mobile Connections of 30,100, with an associated impact of a decrease in Postpaid Mobile Connections of 30,100.
17
Financial Results (in IFRS)13
Three months ended Rebased Increase/(decrease) Nine months ended Rebased Increase/(decrease)
September 30, Increase/(decrease) September 30, Increase/(decrease)
2026 2025 2026 2025
in millions, except % amounts
Revenue
Consumer £ 1,845.1 £ 1,946.5 (5.2 %) (5.2 %) £ 5,489.8 £ 5,759.6 (4.7 %) (4.7 %)
Mobile Service 808.6 822.6 (1.7 %) (1.7 %) 2,383.7 2,442.9 (2.4 %) (2.4 %)
Fixed Service 754.6 806.2 (6.4 %) (6.4 %) 2,297.8 2,432.0 (5.5 %) (5.5 %)
Business 298.9 286.1 4.5 % (3.7 %) 909.2 788.4 15.3 % (5.9 %)
Business Service 231.7 226.7 2.2 % (5.3 %) 703.2 645.8 8.9 % (8.8 %)
Wholesale 273.5 273.6 - % - % 793.3 782.3 1.4 % 1.4 %
Wholesale Service 241.8 237.5 1.8 % 1.8 % 702.7 660.9 6.3 % 6.3 %
Network Construction and Other 9.2 43.1 (78.7 %) (78.7 %) 23.4 225.9 (89.6 %) (89.6 %)
Total Revenue £ 2,426.7 £ 2,549.3 (4.8 %) (5.7 %) £ 7,215.7 £ 7,556.2 (4.5 %) (6.7 %)
Memo: Total Service Revenue 2,036.7 2,093.0 (2.7 %) (3.5 %) 6,087.4 6,181.6 (1.5 %) (3.5 %)
Memo: Hardware and Other Revenue 390.0 456.3 (14.5 %) (15.7 %) 1,128.3 1,374.6 (17.9 %) (21.0 %)
Cost of Sales 711.5 780.2 (8.8 %) (10.0 %) 2,081.1 2,330.7 (10.7 %) (13.4 %)
Gross Profit £ 1,715.2 £ 1,769.1 (3.0 %) (3.8 %) £ 5,134.6 £ 5,225.5 (1.7 %) (3.7 %)
Operating Expenses 720.0 753.3 (4.4 %) (5.4 %) 2,262.5 2,311.4 (2.1 %) (4.6 %)
Adjusted EBITDA £ 995.2 £ 1,015.8 (2.0 %) (2.6 %) £ 2,872.1 £ 2,914.1 (1.4 %) (3.0 %)
Adjusted EBITDA as a % of revenue 41.0% 39.8% 39.8% 38.6%
Adjusted EBITDAaL £ 932.3 £ 957.0 (2.6 %) (3.0 %) £ 2,667.7 £ 2,738.3 (2.6 %) (4.1 %)
P&E Additions £ 530.9 £ 527.7 0.6 % 0.5 % £ 1,481.6 £ 1,558.7 (4.9 %) (5.3 %)
Adjusted EBITDAaL less P&E additions (i)
£ 401.4 £ 429.3 (6.5 %) (7.3 %) £ 1,186.1 £ 1,179.6 0.6 % (2.5 %)
Adjusted EBITDAaL less P&E Additions as a % of revenue 16.5% 16.8% 16.4% 15.6%
Spectrum license additions £ 9.6 £ 142.2 £ 94.0 £ 142.2
Adjusted FCF £ (197.3) £ 369.8 £ (433.8) £ (357.3)
18
Third-Party Debt, Lease Obligations and Cash and Cash Equivalents
The borrowing currency and pound sterling equivalent of the nominal amounts of VMED O2's consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:
September 30, June 30,
2026 2026
Borrowing currency
£ equivalent
in millions
Senior and Senior Secured Credit Facilities:
Term Loan Q (Term SOFR + 3.25%) due 2029 $ 1,300.0 980.1 981.1
Term Loan AC (SONIA + 3.25%(i)) due 2030
£ 1,675.0 1,675.0 1,675.0
Term Loan Y (Term SOFR + 3.25%(i)) due 2031
$ 2,080.2 1,568.3 1,569.9
Term Loan AF (EURIBOR + 3.00%(i)) due 2031
€ 920.0 786.5 792.5
Term Loan AE (EURIBOR + 3.25%(i)) due 2033
€ 1,430.0 1,222.5 1,231.8
£1,378 million (equivalent) RCF (SONIA + 2.75%(i)) due 2029
£ - - 275.0
VM Financing Facilities (GBP equivalent) £ 305.2 305.2 176.2
Total Senior and Senior Secured Credit Facilities 6,537.6 6,701.5
Senior Secured Notes:
5.50% USD Senior Secured Notes due 2029 $ 1,425.0 1,074.3 1,075.4
5.25% GBP Senior Secured Notes due 2029 £ 340.0 340.0 340.0
4.00% GBP Senior Secured Notes due 2029 £ 600.0 600.0 600.0
4.25% GBP Senior Secured Notes due 2030 £ 635.0 635.0 635.0
4.50% USD Senior Secured Notes due 2030 $ 915.0 689.8 690.5
4.125% GBP Senior Secured Notes due 2030 £ 480.0 480.0 480.0
3.25% EUR Senior Secured Notes due 2031 € 950.0 812.1 818.3
4.25% USD Senior Secured Notes due 2031 $ 1,350.0 1,017.8 1,018.8
4.75% USD Senior Secured Notes due 2031 $ 1,400.0 1,055.4 1,056.5
4.50% GBP Senior Secured Notes due 2031 £ 675.0 675.0 675.0
7.75% USD Senior Secured Notes due 2032 $ 950.0 716.2 716.9
5.625% EUR Senior Secured Notes due 2032 € 1,810.0 1,547.3 1,559.1
6.75% USD Senior Secured Notes due 2033 $ 850.0 640.8 641.5
Total Senior Secured Notes 10,283.7 10,307.0
Senior Notes:
5.00% USD Senior Notes due 2030 $ 925.0 697.4 698.1
3.75% EUR Senior Notes due 2030 € 500.0 427.4 430.7
Total Senior Notes 1,124.8 1,128.8
Vendor financing 2,912.7 3,029.0
Share of Cornerstone debt 321.0 322.5
Other debt 425.0 181.4
Lease obligations 813.3 832.4
Total third-party debt and lease obligations 22,418.1 22,502.6
Unamortized premiums, discounts, deferred financing costs and fair value adjustments, net (35.9) (36.9)
Total carrying amount of third-party debt and lease obligations 22,382.2 22,465.7
Cash and cash equivalents (431.2) (537.5)
Net carrying amount of third-party debt and lease obligations £ 21,951.0 £ 21,928.2
Exchange rate (£ to €) 1.1698 1.1609
Exchange rate (£ to $) 1.3265 1.3251
_______________
(i)Rates are subject to adjustment based upon the achievement or otherwise of certain ESG metrics.
19
Capital Structure
•At September 30, 2026, the blended fully-swapped debt borrowing cost was 5.3% and the average tenor of third-party debt (excluding vendor financing) was 4.4 years
•At September 30, 2026, VMO2 had undrawn commitments of £1,378.0 million equivalent
•When compliance reporting requirements have been completed and assuming no change from September 30, 2026 borrowing levels, it is anticipated that the full borrowing capacity will continue to be available, based on the maximum the company can incur and upstream
Covenant Debt Information
The pound sterling equivalent of the reconciliation of VMED O2's consolidated third-party debt and lease obligations to the total covenant amount of third-party gross and net debt, as well as information regarding the projected principal-related cash flows of our cross-currency derivative instruments is set forth below. The information presented does not reflect all potential adjustments that may be permitted under the applicable credit agreements. The pound sterling equivalents presented below are based on exchange rates that were in effect as of September 30, 2026 and June 30, 2026. These amounts are presented for illustrative purposes only, and will likely differ from the actual cash payments or receipts in future periods.
September 30,
June 30,
2026 2026
in millions
Total third-party debt and lease obligations (£ equivalent) £ 22,418.1 £ 22,502.6
Vendor financing (2,839.1) (2,962.0)
Other debt (425.0) (181.4)
Cornerstone debt (321.0) (322.5)
Credit Facility Excluded Amount (1,006.6) (977.2)
Lease obligations (813.3) (832.4)
Projected principal-related cash payments associated with our cross-currency derivative instruments 491.3 445.9
Total covenant amount of third-party gross debt 17,504.4 17,673.0
Cash and cash equivalents (421.4) (520.3)
Total covenant amount of third-party net debt £ 17,083.0 £ 17,152.7
_______________
Leverage ratios are set forth below. These ratios are calculated as defined in the respective credit agreements as at September 30, 2026, subject to the completion of the corresponding compliance reporting requirements.
Net Senior Debt to Annualized Adjusted EBITDA 3.89x
Net Total Debt to Annualized Adjusted EBITDA 4.19x
Net Total Debt to Annualized Adjusted EBITDA (including vendor financing, lease, and certain other obligations) 5.56x
20
VodafoneZiggo Credit Update
Key Operating and Financial Highlights
Highlights for Q3
•Further momentum in growing the customer base: Second consecutive quarter of broadband net adds growth and the best quarterly result since 2019, putting VodafoneZiggo on track for its first full-year broadband customer growth in seven years
•Expanding network leadership and reach: Ziggo became the first major provider worldwide to offer 8 Gbps on DOCSIS 4.0, while partnering with DELTA Fiber to expand the Ziggo footprint to an additional ~700k homes
•Commercial initiatives gaining traction: Inclusion of ESPN in standard TV packages, and the associated €2.50 price increase, supported consumer fixed ARPU, while the revamped tenure-based Priority program enhanced loyalty and delivered strong early engagement
Q3 Financial Highlights (in U.S. GAAP)18
•Revenue of $1,154.5 million, -0.2% YoY on a reported basis and +1.4% on a rebased basis
◦Primarily driven by increased handset sales and price indexation in fixed, partly offset by the tier-mix effect due to new portfolio migration
•Net earnings of $1.5 million, +104.5% YoY on a reported basis
•Adjusted EBITDA of $479.1 million, -8.3% YoY on a reported basis and -6.9% on a rebased basis
◦Primarily driven by higher costs relating to (i) marketing and sales, (ii) handsets, (iii) programming and (iv) the continued investment in network resilience and service reliability, partly offset by savings relating to the termination of certain Vodafone charges and operational efficiencies
•Cash flows from operating activities of $292.9 million, cash flows from investing activities of -$107.9 million and cash flows from financing activities of -$155.9 million
Q3 Financial Highlights (in U.S. GAAP) in local currency18
•Revenue of €1,003.2 million, +1.4% YoY on both a reported and rebased basis
•Net income of €1.1 million, +103.8% YoY on a reported basis
•Adjusted EBITDA of €416.2 million, -6.9% YoY on both a reported and rebased basis
Q3 Operating Highlights
•Broadband net adds of 11,800 due to successful commercial initiatives in B2C and continued footprint expansion supported by partnerships with fiber wholesale providers
•Postpaid net adds of 30,700 as strong performance in B2C continued
•Fixed ARPU +0.7% YoY supported by price indexation and ESPN surcharge
2026 VodafoneZiggo guidance (in U.S. GAAP)
We are confirming:
•Revenue: Stable to low-single digit decline
•Adj. EBITDA: Mid- to high-single digit decline
21
•P&E additions to revenue: 23-25%
•Adj. FCF: Around €100 million14
•Cash distributions to shareholders: No Distributions19
22
Operating Statistics Summary
As of and for the
three months ended
September 30,
2026 2025
Footprint
Homes Passed 8,360,800 7,612,900
Organic Homes Passed net additions (QoQ) 701,000 9,300
Organic Homes Passed net additions (YoY) 747,900 54,800
Fixed(i)
Fixed-Line Customer Relationships 3,090,400 3,111,700
Organic Fixed-Line Customer Relationship net additions (losses) (QoQ)
6,700 (26,000)
Organic Fixed-Line Customer Relationship net losses (YoY)
(21,300) (135,400)
Broadband Subscribers 2,946,900 2,947,300
Organic Broadband net additions (losses) (QoQ)
11,800 (18,400)
Organic Broadband net losses (YoY)
(400) (104,000)
Q3 Monthly ARPU per Fixed-Line Customer Relationship
€ 58 € 57
Mobile(ii)
Postpaid Mobile Subscribers 5,000,800 4,897,400
Organic Postpaid Mobile net additions (QoQ) 30,700 15,200
Organic Postpaid Mobile net additions (YoY) 103,400 33,700
Q3 Monthly Consumer Postpaid ARPU
€ 18 € 18
Convergence
Converged Households as % of Broadband RGUs 52% 51%
_______________
(i)The 2025 amounts have been restated to exclude certain B2B customers and subscribers.
(ii)The 2025 amounts have been restated to show voice-only mobile connections.
23
Financial Results (in U.S. GAAP)
Three months ended Nine months ended
September 30, Increase/(decrease) September 30, Increase/(decrease)
2026 2025 2026
2025(i)
in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription € 469.5 € 474.1 (1.0 %) € 1,385.3 € 1,419.4 (2.4 %)
Non-subscription 8.7 1.7 411.8 % 15.5 5.1 203.9 %
Total residential fixed revenue 478.2 475.8 0.5 % 1,400.8 1,424.5 (1.7 %)
Residential mobile revenue:
Subscription 181.5 181.0 0.3 % 537.4 537.6 - %
Non-subscription 64.0 52.5 21.9 % 188.6 175.3 7.6 %
Total residential mobile revenue 245.5 233.5 5.1 % 726.0 712.9 1.8 %
Total residential revenue 723.7 709.3 2.0 % 2,126.8 2,137.4 (0.5 %)
B2B fixed revenue:
Subscription 143.0 143.2 (0.1 %) 426.2 428.0 (0.4 %)
Non-subscription 2.3 1.6 43.8 % 5.9 5.0 18.0 %
Total B2B fixed revenue 145.3 144.8 0.3 % 432.1 433.0 (0.2 %)
B2B mobile revenue:
Subscription 90.9 94.4 (3.7 %) 274.9 286.1 (3.9 %)
Non-subscription 31.8 30.1 5.6 % 89.8 88.2 1.8 %
Total B2B mobile revenue 122.7 124.5 (1.4 %) 364.7 374.3 (2.6 %)
Total B2B revenue 268.0 269.3 (0.5 %) 796.8 807.3 (1.3 %)
Other revenue 11.5 11.2 2.7 % 35.5 34.1 4.1 %
Total revenue € 1,003.2 € 989.8 1.4 % € 2,959.1 € 2,978.8 (0.7 %)
Adjusted EBITDA € 416.2 € 447.2 (6.9 %) € 1,232.2 € 1,324.9 (7.0 %)
P&E Additions € 233.6 € 204.3 14.3 % € 667.4 € 602.1 10.8 %
P&E Additions as a % of revenue 23.3% 20.6% 22.6% 20.2%
Adjusted EBITDA less P&E Additions € 182.6 € 242.9 (24.8 %) € 564.8 € 722.8 (21.9 %)
Adjusted FCF € 61.0 € 82.8 € (13.8) € 95.5
_______________
(i) Certain revenue amounts have been reclassified to conform to 2026 presentation
24
Third-Party Debt, Finance Lease Obligations and Cash and Cash Equivalents
The borrowing currency and euro equivalent of the nominal amounts of VodafoneZiggo's consolidated third-party debt, finance lease obligations and cash and cash equivalents is set forth below:
September 30, June 30,
2026 2026
Borrowing currency
€ equivalent
in millions
Credit Facilities:
Term Loan H (EURIBOR + 3.00%) due 2029
€ 1,125.0 € 1,125.0 € 1,125.0
Term Loan N (Term SOFR + 3.25%) USD due 2033 $ 500.0 440.9 438.1
Term Loan P (EURIBOR + 3.75%) due 2033 € 1,125.0 1,125.0 1,125.0
Financing Facility 2.3 2.3
€800 million Ziggo Revolving Facility G2 EUR due 2029
- -
Total Credit Facilities
2,693.2 2,690.4
Senior Secured Notes:
4.875% USD Senior Secured Notes due 2030 $ 991.0 873.9 868.2
2.875% EUR Senior Secured Notes due 2030 € 502.5 502.5 502.5
5.00% USD Senior Secured Notes due 2032 $ 1,525.0 1,344.9 1,336.1
3.50% EUR Senior Secured Notes due 2032 € 750.0 750.0 750.0
5.25% EUR Senior Secured Notes due 2033 € 650.0 650.0 650.0
7.50% USD Senior Secured Notes due 2033 $ 1,150.0 1,014.2 1,007.5
Total Senior Secured Notes 5,135.5 5,114.3
Senior Notes:
3.375% EUR Senior Notes due 2030 € 900.0 900.0 900.0
5.125% USD Senior Notes due 2030 $ 500.0 440.9 438.1
6.125% EUR Senior Notes due 2032 € 575.0 575.0 575.0
Total Senior Notes 1,915.9 1,913.1
Vendor financing 999.5 999.7
Finance lease obligations 33.7 36.3
Other short-term debt 15.9 -
Total third-party debt and finance lease obligations 10,793.7 10,753.8
Unamortized premiums, discounts and deferred financing costs, net (42.3) (43.9)
Total carrying amount of third-party debt and finance lease obligations 10,751.4 10,709.9
Cash and cash equivalents (74.1) (39.1)
Net carrying amount of third-party debt and finance lease obligations € 10,677.3 € 10,670.8
Exchange rate (€ to $) 1.1340 1.1414
25
Capital Structure
•At September 30, 2026, the blended fully-swapped debt borrowing cost was 4.3% and the average tenor of third-party debt (excluding vendor financing obligations) was approximately 4.8 years
•At September 30, 2026, VodafoneZiggo had maximum undrawn commitments of €800 million under its Revolving Facilities
Covenant Debt Information
The following table details the euro equivalent of the reconciliation from VodafoneZiggo's consolidated third-party debt to the total covenant amount of third-party gross and net debt, as well as the information regarding the projected principal-related cash flows of cross-currency derivative instruments. The information presented does not reflect all potential adjustments that may be permitted under the applicable credit agreements. The euro equivalents presented below are based on exchange rates that were in effect as of September 30, 2026 and June 30, 2026. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
September 30, June 30,
2026 2026
in millions
Total third-party debt and finance lease obligations (€ equivalent) € 10,793.7 € 10,753.8
Vendor financing (999.5) (999.7)
Finance lease obligations (33.7) (36.3)
Other short-term debt (15.9) -
Credit Facility Excluded Amount (434.8) (437.1)
Projected principal-related cash receipts associated with our cross-currency derivative instruments (121.8) (94.9)
Total covenant amount of third-party gross debt 9,188.0 9,185.8
Cash and cash equivalents(i)
(15.5) (28.0)
Total covenant amount of third-party net debt € 9,172.5 € 9,157.8
_______________
(i)Excludes the cash that is related to the unutilized portion of the Vendor Finance Note facility of €8.4 million and €0.8 million, respectively, as well as cash that is held outside the covenant group, amounting to €50.2 million and €10.3 million, respectively.
Leverage ratios are set forth below. These ratios are calculated, as defined in the respective credit agreements, as at September 30, 2026.
Net Senior Debt to Annualized Adjusted EBITDA 3.91x
Net Total Debt to Annualized Adjusted EBITDA 5.01x
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing) to Annualized Adjusted EBITDA 6.11x
26
Telenet Credit Update
Key Operating and Financial Highlights
Highlights for Q3
•Strengthened content proposition: Telenet launched Belgium's most comprehensive sports offering through Play Sports, including domestic football (JPL) through a renewed agreement with DAZN, helping to drive customer growth, with further uptake expected in Q4
•Capitalized on premium handset launches: The launches of the iPhone 18 Pro and Samsung Galaxy Z series supported higher premium-device sales and topline growth
•Commercial traction: Sustained momentum across broadband and postpaid with 4,100 net adds in each segment, respectively, supported by the recent launch of new modular FMC offers
•Treasury update: €427.5m Term Loan A financing completed in October. The proceeds are intended to be used to refinance, repay or repurchase nearer term maturities including amounts drawn under the €390m term loan facility
Q3 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)
•Revenue of $747.4 million, -4.9% YoY on a reported basis and +1.5% on a rebased basis
◦Primarily due (i) higher revenue from the arms-length Wyre MSA reset, (ii) increased handset sales and (iii) higher mobile revenue, reflecting continued subscriber growth and improved mobile postpaid ARPU, partly offset by lower fixed subscription revenue
•Net earnings of $2.7 million, +119.0% YoY on a reported basis
•Adjusted EBITDA of $180.8 million, -8.8% YoY on a reported basis and -6.8% on a rebased basis
•Adjusted EBITDAaL of $180.5 million, -9.0% YoY on a reported basis and -6.8% on a rebased basis
◦Primarily driven by (i) lower subscription revenue, (ii) higher programming fees related to the new DAZN deal and (iii) increased IT and network spend, partly offset by Wyre MSA flow through impact and labor savings from a voluntary workforce transformation program
•Property and equipment additions of $98.9 million, -34.8% YoY on a reported basis and -33.7% on a rebased basis, reflecting lower capital intensity in line with Telenet's full year outlook
•Adjusted EBITDA less P&E Additions of $81.9 million, +76.1% YoY on a reported basis and +83.0% on a rebased basis
•Cash flows from operating activities of $81.6 million, cash flows from investing activities of $2,468.2 million and cash flows from financing activities of -$3,142.8 million
•Adjusted FCF of $54.7 million
Q3 Financial Highlights (in IFRS)13
•Revenue of €649.5 million, -3.4% YoY on a reported basis and +1.5% YoY on a rebased basis
•Adjusted EBITDA of €199.2 million, -3.8% YoY on a reported basis and -3.2% YoY on a rebased basis
•Adjusted EBITDAaL of €180.4 million, -4.2% YoY on a reported basis and -4.0% on a rebased basis
◦Q3 2026 included the benefit of €42.1 million of U.S. GAAP/IFRS differences, primarily related to (i) sports and film broadcasting rights and (ii) leases
27
•Property and equipment additions (including ROU assets) of €112.0 million, -28.0% YoY on a reported basis and -27.9% on a rebased basis
•Adjusted EBITDA less P&E Additions (including ROU assets) of €87.2 million, +69.3% on a reported basis and +73.0% on a rebased basis
•Adjusted FCF of €47.9 million
•The drivers of these IFRS changes are largely consistent with those under U.S. GAAP, as detailed above
Q3 Operating Highlights
•Broadband net adds of 4,100, the sixth consecutive quarter of growth, supported by continued FMC growth at BASE and the launch of new modular offers
•Postpaid net adds of 4,100, the highest since Q1 2023, driven by increased promotional offers and targeted upselling within our broadband base, more than offsetting impacts from the heightened competitive pressure
•Fixed ARPU -2.0% YoY as price increases at Telenet and cross-selling efforts were more than offset by the negative mix impact from the growing BASE share, bundle optimization and lower premium entertainment
2026 Telenet guidance (in IFRS and excluding Wyre)20
We are confirming:
•Revenue growth: Stable
•Adj. EBITDAaL: Low-single digit growth
•P&E additions to revenue: Around 20%
•Adj. FCF: Return to positive Adj. FCF of around €20m
28
Operating Statistics Summary
As of and for the
three months ended
September 30,
2026 2025
Footprint
Homes Passed 188,800 183,300
Organic Homes Passed net additions (QoQ)
1,400 1,700
Organic Homes Passed net additions (YoY)
5,500 32,500
Fixed
Fixed-Line Customer Relationships 1,895,700 1,938,700
Organic Fixed-Line Customer Relationship net losses (QoQ)
(10,900) (8,500)
Organic Fixed-Line Customer Relationship net losses (YoY)
(43,000) (33,100)
Broadband Subscribers 1,761,700 1,722,000
Organic Broadband net additions (QoQ) 4,100 4,400
Organic Broadband net additions (YoY)
39,700 6,400
Q3 Monthly ARPU per Fixed-Line Customer Relationship
€ 62.68 € 63.97
Mobile
Postpaid Mobile Subscribers 2,659,800 2,670,600
Organic Postpaid Mobile net additions (losses) (QoQ) 4,100 (2,000)
Organic Postpaid Mobile net additions (losses) (YoY)
100 (6,200)
Q3 Monthly Consumer Postpaid ARPU
€ 16.59 € 16.24
Convergence
Converged Households as % of Broadband RGUs 55.6% 55.0%
29
Financial Results (in IFRS and aligned with bondholder covenants)13
Three months ended Rebased increase/(decrease) Nine months ended Rebased increase/(decrease)
September 30, Increase/(decrease) September 30, Increase/(decrease)
2026 2025 2026 2025
in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription € 293.4 € 306.6 (4.3 %) (4.3 %) € 893.6 € 923.5 (3.2 %) (3.2 %)
Non-subscription 4.7 6.6 (28.8 %) (21.7 %) 17.5 14.7 19.0 % 25.9 %
Total residential fixed revenue 298.1 313.2 (4.8 %) (4.6 %) 911.1 938.2 (2.9 %) (2.8 %)
Residential mobile revenue:
Subscription 107.9 104.8 3.0 % 3.0 % 315.9 309.9 1.9 % 1.9 %
Non-subscription 29.9 29.5 1.4 % 1.4 % 93.3 93.5 (0.2 %) (0.2 %)
Total residential mobile revenue 137.8 134.3 2.6 % 2.6 % 409.2 403.4 1.4 % 1.4 %
B2B revenue:
Subscription 94.5 96.0 (1.6 %) (1.6 %) 282.5 286.2 (1.3 %) (1.3 %)
Non-subscription 68.8 63.7 8.0 % 8.0 % 196.4 192.9 1.8 % 1.8 %
Total B2B revenue 163.3 159.7 2.3 % 2.3 % 478.9 479.1 - % - %
Other revenue 50.3 65.4 (23.1 %) 49.7 % 157.9 249.8 (36.8 %) 25.9 %
Total revenue € 649.5 € 672.6 (3.4 %) 1.5 % € 1,957.1 € 2,070.5 (5.5 %) 0.6 %
Adjusted EBITDA € 199.2 € 207.0 (3.8 %) (3.2 %) € 615.3 € 598.5 2.8 % 4.1 %
Adjusted EBITDAaL € 180.4 € 188.4 (4.2 %) (4.0 %) € 558.6 € 542.5 3.0 % 4.3 %
P&E Additions(i)
108.5 148.0 316.9 469.9
ROU asset additions 3.5 7.5 15.0 18.6
Total P&E Additions including ROU asset additions(i)
€ 112.0 € 155.5 (28.0 %) (27.9 %) € 331.9 € 488.5 (32.1 %) (32.0 %)
P&E Additions as a % of revenue 16.7% 22.0% 16.2% 22.7%
Adjusted EBITDA less Total P&E Additions(i)
€ 87.2 € 51.5 69.3 % 73.0 % € 283.4 € 110.0 157.6 % 175.4 %
Adjusted FCF € 47.9 € (5.6) € 73.0 € (44.3)
_______________
(i)Includes amounts capitalized as intangible assets related to sports and film broadcasting rights.
30
Third-Party Debt, Lease Obligations and Cash and Cash Equivalents
The borrowing currency and euro equivalent of the nominal amounts of Telenet's consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:
September 30, June 30,
2026 2026
Borrowing currency
€ equivalent
in millions
2025 Amended Senior Credit Facility
Term Loan AR (Term SOFR + 2.11%) USD due 2028 $ 2,295.0 € - € 2,010.7
Term Loan AT1 (EURIBOR + 2.97%) EUR due 2028 € 390.0 390.0 390.0
Term Loan AQ (EURIBOR + 2.25%) EUR due 2029 € 1,110.0 1,110.0 1,110.0
Term Loan AU (EURIBOR + 2.95%) EUR due 2033 € 500.0 500.0 500.0
€30.0 million Revolving Credit Facility I (EURIBOR + 2.20%) due 2029 € - - -
€550.0 million Revolving Credit Facility I (EURIBOR + 2.20%) due 2032 € - - -
Total Senior Credit Facility 2,000.0 4,010.7
Senior Secured Notes
5.00% USD Senior Secured Notes due 2028 $ 813.6 717.4 851.2
3.50% EUR Senior Secured Notes due 2028 € 540.0 540.0 540.0
Total Senior Secured Notes 1,257.4 1,391.2
Other
Lease obligations(i)
587.1 610.9
Mobile spectrum 353.1 351.1
Vendor financing 314.4 297.5
Other debt 171.1 220.8
€25.0 million Overdraft Facility (EURIBOR + 1.60%) due 2026 - -
Total third-party debt and lease obligations 4,683.1 6,882.2
Deferred financing fees, discounts and premiums, net (7.7) (10.2)
Total carrying amount of third-party debt and lease obligations 4,675.4 6,872.0
Cash and cash equivalents (205.7) (692.0)
Net carrying amount of third-party debt and lease obligations € 4,469.7 € 6,180.0
Exchange rate (€ to $) 1.1340 1.1414
_______________
(i)Amounts presented on an IFRS basis, consistent with bondholder covenants.
31
Capital Structure
•At September 30, 2026, the blended fully-swapped debt borrowing cost was 3.2% and the average tenor of third-party debt (excluding vendor financing and certain other obligations) was approximately 2.7 years
•At September 30, 2026, Telenet had access to total liquidity of €810.7 million, consisting of €205.7 million cash and cash equivalents and €605.0 million of undrawn commitments under revolving credit facilities
Covenant Debt Information
The following table details the euro equivalent of the reconciliation from Telenet's consolidated third-party debt to the total covenant amount of third-party gross and net debt, as well as information regarding the projected principal-related cash flows of cross-currency derivative instruments. The information presented does not reflect all potential adjustments that may be permitted under the applicable credit agreements. The euro equivalents presented below are based on exchange rates that were in effect as of September 30, 2026 and June 30, 2026. These amounts are presented for illustrative purposes only, and will likely differ from the actual cash payments or receipts in future periods.
September 30, June 30,
2026 2026
in millions
Total third-party debt and lease obligations (€ equivalent) € 4,683.1 € 6,882.2
Lease obligations (587.1) (610.9)
Mobile spectrum (353.1) (351.1)
Vendor financing (314.4) (297.5)
Other debt (171.1) (220.8)
Credit Facility Excluded Amount (400.0) (400.0)
Projected principal-related cash payments (receipts) associated with our cross-currency derivative instruments 39.4 37.6
Total covenant amount of third-party gross debt 2,896.8 5,039.5
Cash and cash equivalents(i)
(205.1) (691.7)
Total covenant amount of third-party net debt € 2,691.7 € 4,347.8
_______________
(i)Excludes cash and cash equivalents that are held outside the covenant group.
Leverage ratios are set forth below. These ratios are calculated, as defined in the respective credit agreements, as at September 30, 2026.
Net Total Debt to Annualized Adjusted EBITDA 3.22x
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing) to Annualized Adjusted EBITDA 4.01x
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing, mobile spectrum and other third-party debt) to Annualized Adjusted EBITDAaL 5.07x
A Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income and Statement of Cash Flows for Telenet can be found in the investor toolkit on the Telenet investor relations page. Following the separation of the Telenet and Wyre capital structures, effective at the end of July 2026, these financial statements no longer include the Wyre Entities or the Telenet HoldCo Entities, as these have been designated as Unrestricted Subsidiaries under Telenet's Senior Facility Agreement.
32
Wyre Credit Update
Operating Statistics Summary
As of and for the
three months ended
September 30,
2026 2025
Footprint
Homes Passed 4,081,000 4,044,000
Organic Homes Passed net additions (QoQ)
1,000 7,800
Organic Homes Passed net additions (YoY)
37,000 56,600
Financial Results (in IFRS)13
Three months ended Nine months ended
September 30, Increase/(decrease) September 30, Increase/(decrease)
2026 2025 2026 2025
in millions, except % amounts
Total Revenue € 168.4 € 172.0 (2.1 %) € 508.4 € 515.6 (1.4 %)
Adjusted EBITDA € 121.2 € 138.0 (12.2 %) € 376.3 € 411.8 (8.6 %)
Adjusted EBITDAaL € 119.7 € 137.1 (12.7 %) € 370.6 € 409.1 (9.4 %)
P&E Additions 156.4 83.7 507.7 310.0
ROU asset additions 0.2 0.1 8.2 1.2
Total P&E Additions including ROU asset additions € 156.6 € 83.8 86.9 % € 515.9 € 311.2 65.8 %
P&E Additions as a % of revenue 92.9% 48.7% 99.9% 60.1%
Adjusted EBITDA less Total P&E Additions € (35.4) € 54.2 N.M. € (139.6) € 100.6 N.M.
Adjusted FCF € (117.7) € (30.5) € (282.9) € (29.4)
33
Third-Party Debt, Lease Obligations and Cash and Cash Equivalents
The borrowing currency and euro equivalent of the nominal amounts of Wyre's consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:
September 30,
2026
in millions
Financing Facilities
€2,544.3m Term Facility (EURIBOR + 2.35%) due 2033(i)
€ 2,544.3
€155.7m Term Facility (5.00%) due 2033 155.7
€1,072.7m Capex Term Facility (EURIBOR +2.35%) due 2033(i)
161.7
€127.3m Capex Term Facility (5.00%) due 2033 127.3
€215.0m Revolving Facility (EURIBOR +2.35%) due 2033(i)
-
€235.0m DSR Facility (EURIBOR +2.35%) due 2033(i)
-
Total Financing Facilities 2,989.0
Other
Lease obligations 49.9
Other debt 3.0
Total third-party debt and lease obligations 3,041.9
Deferred financing fees, discounts and premiums, net (92.5)
Total carrying amount of third-party debt and lease obligations 2,949.4
Cash and cash equivalents (54.1)
Net carrying amount of third-party debt and lease obligations € 2,895.3
Exchange rate (€ to $) 1.1340
_______________
(i)Borrowings bear interest at EURIBOR plus a margin ranging from 2.35% to 3.25%, with the applicable margin increasing annually from July 2029.
34
Capital Structure
•At September 30, 2026, the blended fully-swapped debt borrowing cost (including commitment fees) was 5.6% and the average tenor of third-party debt was approximately 6.8 years
•At September 30, 2026, Wyre had access to total liquidity of €1,415.1 million, consisting of €54.1 million cash and cash equivalents and €1,361.0 million of undrawn commitments under Capex Facility, Revolving Credit Facility and DSR Facility
Debt Information
The following table details the euro equivalent of Wyre's consolidated total third-party debt. The euro equivalents presented below are based on exchange rates that were in effect as of September 30, 2026. These amounts are presented for illustrative purposes only, and will likely differ from the actual cash payments or receipts in future periods.
September 30,
2026
in millions
Total third-party debt and lease obligations (€) 3,041.9
Lease obligations (49.9)
Other debt (3.0)
Total amount of third-party senior gross debt 2,989.0
Cash and cash equivalents (54.1)
Total amount of third-party senior net debt € 2,934.9
Wyre's leverage ratio is set forth below, as at September 30, 2026.
Net Total Debt to Annualized Adjusted EBITDA 5.69x
35
VM Ireland Credit Update
Operating Statistics Summary
As of and for the
three months ended
September 30,
2026 2025
Footprint
Homes Passed 1,023,500 1,007,200
Organic Homes Passed net additions (QoQ) 2,900 3,600
Organic Homes Passed net additions (YoY) 16,300 13,400
Fixed
Fixed-Line Customer Relationships 368,300 384,600
Organic Fixed-Line Customer Relationship net losses (QoQ)
(2,900) (1,700)
Organic Fixed-Line Customer Relationship net losses (YoY)
(16,300) (10,600)
Broadband Subscribers 344,600 357,500
Organic Broadband net losses (QoQ)
(2,000) (800)
Organic Broadband net losses (YoY)
(12,900) (6,600)
Q3 Monthly ARPU per Fixed-Line Customer Relationship
€ 61.49 € 60.95
Mobile
Postpaid Mobile Subscribers 153,400 144,400
Organic Postpaid Mobile net additions (QoQ) 2,700 4,600
Organic Postpaid Mobile net additions (YoY) 9,000 7,300
Q3 Monthly Consumer Postpaid ARPU
€ 16.85 € 18.49
Convergence
Converged Households as % of Broadband RGUs 10.9% 9.1%
36
Financial Results (in U.S. GAAP)
Three months ended Nine months ended
September 30, Increase/(decrease) September 30, Increase/(decrease)
2026 2025 2026 2025
in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription € 65.1 € 67.5 (3.6 %) € 196.9 € 204.6 (3.8 %)
Non-subscription 0.3 0.3 - % 1.3 1.1 18.2 %
Total residential fixed revenue 65.4 67.8 (3.5 %) 198.2 205.7 (3.6 %)
Residential mobile revenue:
Subscription 7.1 7.4 (4.1 %) 21.2 22.3 (4.9 %)
Non-subscription 1.5 1.5 - % 4.7 5.1 (7.8 %)
Total residential mobile revenue 8.6 8.9 (3.4 %) 25.9 27.4 (5.5 %)
B2B revenue:
Subscription 2.9 3.1 (6.5 %) 8.8 9.3 (5.4 %)
Non-subscription 10.9 8.5 28.2 % 30.8 24.3 26.7 %
Total B2B revenue 13.8 11.6 19.0 % 39.6 33.6 17.9 %
Other revenue 15.2 16.3 (6.7 %) 53.1 56.1 (5.3 %)
Total revenue € 103.0 € 104.6 (1.5 %) € 316.8 € 322.8 (1.9 %)
Adjusted EBITDA € 24.7 € 35.7 (30.8 %) € 92.3 € 107.5 (14.1 %)
P&E Additions € 36.4 € 53.4 (31.8 %) € 108.6 € 142.8 (23.9 %)
P&E Additions as a % of revenue 35.3% 51.1% 34.3% 44.2%
Adjusted EBITDA less P&E Additions € (11.7) € (17.7) 33.9 % € (16.3) € (35.3) 53.8 %
Adjusted FCF € (33.1) € (38.4) € (75.2) € (79.6)
37
Third-Party Debt and Cash and Cash Equivalents
The following table details the borrowing currency and euro equivalent of the nominal amounts of VM Ireland's consolidated third-party debt and cash and cash equivalents:
September 30, June 30,
2026 2026
Borrowing currency
€ equivalent
in millions
Credit Facilities:
Term Loan B1 (EURIBOR + 3.43%) due 2029
€ 900.0 € 900.0 € 900.0
€100.0 million Revolving Facility (EURIBOR + 2.68%) due 2027 - -
Total Senior Credit Facilities
900.0 900.0
Deferred financing costs and discounts, net (2.5) (2.6)
Total carrying amount of third-party debt 897.5 897.4
Cash and cash equivalents (2.5) (16.4)
Net carrying amount of third-party debt € 895.0 € 881.0
Capital Structure
•At September 30, 2026, the blended fully-swapped debt borrowing cost was 3.8% and the average tenor of third-party debt was approximately 2.8 years
•At September 30, 2026, VM Ireland had €100.0 million of undrawn commitments available
Covenant Debt Information
The following table details the euro equivalents of the reconciliation from VM Ireland's consolidated third-party debt to the total covenant amount of third-party gross and net debt. The information presented does not reflect all potential adjustments that may be permitted under the applicable credit agreements. The euro equivalents presented below are based on exchange rates that were in effect as of September 30, 2026 and June 30, 2026. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
September 30, June 30,
2026 2025
in millions
Total third-party debt € 900.0 € 900.0
Credit Facility Excluded Amount (50.0) (50.0)
Total covenant amount of third-party gross debt 850.0 850.0
Cash and cash equivalents (2.5) (16.4)
Total covenant amount of third-party net debt € 847.5 € 833.6
Leverage ratios are set forth below. These ratios are calculated, as defined in the respective credit agreements, as at September 30, 2026.
Net Total Debt to Annualized Adjusted EBITDA 5.64x
Net Total Debt (excluding Credit Facility Excluded Amount) to Annualized Adjusted EBITDA 5.97x
38
Appendix
Liberty Global Ltd. published this content on November 03, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 03, 2026 at 13:37 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]